Wheaton, IL, Sept. 12, 2019 (GLOBE NEWSWIRE) -- T2 Capital Management, LLC (“T2”), an Illinois based company, today announced its most recent loan closing in Naples, FL. Utilizing the T2 Strategic Real Estate Income Fund (“SREI”), T2 is proud to add another new client and further expand its investment reach across the United States. The $14.2 million first mortgage loan closed in August 2019 and will be used to facilitate the completion of construction of a single-story, class ‘A’, 50-unit/54-bed memory care facility. The facility will be commonly known as “Liana Naples.”
T2’s borrower is a private equity firm out of Texas and a new client for T2. The firm started construction in 2017 and stopped in 2018 after uncovering issues with their operating partner. That partner ultimately filed for bankruptcy leading T2’s client to temporarily mothball the project. The client was able to successfully pay off the debt outstanding on the property and hire new, third-party vendors for construction and facility operations. Recognizing T2’s speed and versatility, the client reached out to T2 to finance the completion of construction. With the project now back online, construction is expected to be completed in mid-2020.
“We are thrilled to be able to step in and rescue a stalled project that we know will have a significant economic impact in the region,” said Jeff Brown Co-Founder and CEO of T2 Capital Management.
The loan is expected to be paid off upon the borrower completing construction and recapitalizing the property with a long-term lender.
T2 is an opportunistic, privately held real estate investment firm based in suburban Chicago. Since its founding in 2011, T2 has deployed $600+ million across the entire capital stack and among virtually all property types. The firm has created a niche in swiftly executing investments of $1 – 15 million on transitional properties that require a total capitalization of $2 – 50 million.
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